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Unbelievable UBS Termination

californiaboy935
Frequent Contributor

Unbelievable UBS Termination

Well they say the things that are too good to be true, usually are... and is seems as though my time at UBS has abruptly come to a close.  Account Terminated by Risk due to insufficient credit length, please pay account full balance by the 21st was the discussion I had with their advisor over the phone.  What a joke, thats not an explination.  Couldnt argue with them or make them reverse course.  Has anyone ever heard of this?  Not sure if I have rights or not.  Obviosly I want to keep the account current when they close it on my credit profile, and he said they would do that.  Is that enough of an assurance? 

UBS Visa Infinite $286,500 | BofA Cash Rewards Visa $50,800 | American Express Platinum | American Express Blue Cash Preferred $6,000 | American Express Cash $2,000 | American Express Blue Business Plus $4,000 | Apple Card Mastercard $5,000 | Discover IT $3,750

FICO 8 scores 01/2020
EX-714
TU-701
EQ-756
70 REPLIES 70
Saeren
Mega Contributor

Re: Unbelievable UBS Termination

Have you been using it heavily or something to grab their attention? I mean they have the right to close accounts at any time for any reason like any creditor unfortunately. 



Message 2 of 71
californiaboy935
Frequent Contributor

Re: Unbelievable UBS Termination

 


@Saeren wrote:

Have you been using it heavily or something to grab their attention? I mean they have the right to close accounts at any time for any reason like any creditor unfortunately. 


Havent been using it too much, but put a large business purchase on it and then have been paying it off for the last 2 months.  Nothing near the limit but say 50k. 

UBS Visa Infinite $286,500 | BofA Cash Rewards Visa $50,800 | American Express Platinum | American Express Blue Cash Preferred $6,000 | American Express Cash $2,000 | American Express Blue Business Plus $4,000 | Apple Card Mastercard $5,000 | Discover IT $3,750

FICO 8 scores 01/2020
EX-714
TU-701
EQ-756
Message 3 of 71
Saeren
Mega Contributor

Re: Unbelievable UBS Termination

I mean it sounds like they just gave you that massive limit and expected you not to use it. Seems kind of weird to me but being a foreign bank I'm not surprised they are nervous right now. The US economy is hanging on because of stimulus actions, it's going to be a disaster when that eventually ends. 

The only thing I'm not sure on, I didn't think they could demand immediate repayment unless you breached the contract with them somehow. Maybe someone else can chime in on that. 



Message 4 of 71
californiaboy935
Frequent Contributor

Re: Unbelievable UBS Termination

Thats what I would think.  I didnt breech anything with them, so and unsure about that.  But he used some veiled threat that he didnt want this to go any hire then him.


@Saeren wrote:

I mean it sounds like they just gave you that massive limit and expected you not to use it. Seems kind of weird to me but being a foreign bank I'm not surprised they are nervous right now. The US economy is hanging on because of stimulus actions, it's going to be a disaster when that eventually ends. 

The only thing I'm not sure on, I didn't think they could demand immediate repayment unless you breached the contract with them somehow. Maybe someone else can chime in on that. 


 

UBS Visa Infinite $286,500 | BofA Cash Rewards Visa $50,800 | American Express Platinum | American Express Blue Cash Preferred $6,000 | American Express Cash $2,000 | American Express Blue Business Plus $4,000 | Apple Card Mastercard $5,000 | Discover IT $3,750

FICO 8 scores 01/2020
EX-714
TU-701
EQ-756
Message 5 of 71
sxa001
Established Contributor

Re: Unbelievable UBS Termination

That really sucks to see such a huge CL just go away like that.  How long did it take to get the CL to that size?  I can imagine any lenders with that much of a credit line open for someone is going to be very particular right now, what might have been acceptable pre COVID isn't going to be today.  Underwriting standards have changed.  I don't know your income/assets and maybe your spend and profile made sense to have that kind of a limit but compared with the other cards you have if they were just doing a random review it could stand out to someone in the underwriting department.  





Message 6 of 71
Saeren
Mega Contributor

Re: Unbelievable UBS Termination

Is this considered a business or personal account? If it's a personal account, there are consumer protection laws that come into play when a lender tries to bully you but if they're considering it a business account, I'm totally unclear about what regulations exist. 



Message 7 of 71
californiaboy935
Frequent Contributor

Re: Unbelievable UBS Termination

Just applied and thats the credit limit I received.  Had to prove income with form 405-T.  


@sxa001 wrote:

That really sucks to see such a huge CL just go away like that.  How long did it take to get the CL to that size?  I can imagine any lenders with that much of a credit line open for someone is going to be very particular right now, what might have been acceptable pre COVID isn't going to be today.  Underwriting standards have changed.  I don't know your income/assets and maybe your spend and profile made sense to have that kind of a limit but compared with the other cards you have if they were just doing a random review it could stand out to someone in the underwriting department.  


 

UBS Visa Infinite $286,500 | BofA Cash Rewards Visa $50,800 | American Express Platinum | American Express Blue Cash Preferred $6,000 | American Express Cash $2,000 | American Express Blue Business Plus $4,000 | Apple Card Mastercard $5,000 | Discover IT $3,750

FICO 8 scores 01/2020
EX-714
TU-701
EQ-756
Message 8 of 71
wasCB14
Super Contributor

Re: Unbelievable UBS Termination

While people don't often discover it $286,500 of credit at a time, the risk-reducing staff at a bank can sometimes follow criteria for AA that conflict with the approval and CLI-granting criteria.

 

They may have been concerned you couldn't pay $50k off at once. I once got a supposedly-unrelated (yeah, right) call from Amex 3 or 4 days before I had a $27k minimum payment due.

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Message 9 of 71
californiaboy935
Frequent Contributor

Re: Unbelievable UBS Termination


@wasCB14 wrote:

While people don't often discover it $286,500 of credit at a time, the risk-reducing staff at a bank can sometimes follow criteria for AA that conflict with the approval and CLI-granting criteria.

 

They may have been concerned you couldn't pay $50k off at once. I once got a supposedly-unrelated (yeah, right) call from Amex 3 or 4 days before I had a $27k minimum payment due.


I pay all my other cards off in full like Amex, I kept a balance on this one because my business partner was concerned if we paid it off with non profits from the business it would make it hard for our accountant to track.  Not sure though. often have 25k min payments of charge cards, just sad to see this magical bird fly away.

UBS Visa Infinite $286,500 | BofA Cash Rewards Visa $50,800 | American Express Platinum | American Express Blue Cash Preferred $6,000 | American Express Cash $2,000 | American Express Blue Business Plus $4,000 | Apple Card Mastercard $5,000 | Discover IT $3,750

FICO 8 scores 01/2020
EX-714
TU-701
EQ-756
Message 10 of 71
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